All Forum Posts by: Oliver Lazaro

Thanks for the info @Sarah Brown ! I'll definitely do more research on it either way. 

Hello everyone, 

I'm in the process of looking to get a HELOC on my primary residence. If I do get one, but then I decide to move out within the next couple months after and turn in into a rental...can the bank call the HELOC ?

Has anyone ever been in that situation before ?  Would love some feedback ! Thanks 

Also, if I can't make it work like this, I'll just wait and get a HELOC after I turn it into a rental. I found two banks close to me that supposedly can do HELOC's on rental properties. I'm just trying to get it as soon as possible.

@Chris Teti Thanks ! and thanks for the input. Yes, we are definitely working things out before we start doing anything on the property. Hopefully everything turns out great. 

@Daniel Hyman I will take a look into that. Thanks for the heads up !

@Daniel Hyman Ok, thanks ! That is something to think about then. I'll will contact a local attorney to set try and set up a consultation. Anything else i should think about ? It could be that my friend and I could end up partnering up for more investments if everything goes well. 

@Bridgette Delva btw, i sent you a colleague request ! 

@Bridgette Delva ok, got it. 

@Bridgette Delva Thanks for the info, it was very helpful ! I guess we'll have to think about how want to structure it. But i like both of your suggestions, i'll just look more into it to see which one is more beneficial. 

One more thing, if you don't mind me asking... did you create an LLC for that partnership investment ?

I'm thinking of doing a deal with a good friend of mine. We both know how to do most of the work, but it would mostly be him since i have another job that takes up a lot of my time. I would be basically funding the rehab since he had already purchased the property a couple months ago on his own before we spoke about partnering up. Property was bought for around 45k ( that he paid out of pocket) and probably needs around 20k-25k for rehab. 

 I just need advice on how to split the profit or losses if any ?

Do we need to create an LLC or would a contract be good enough ?

What would be the best thing to do in this situation ?

Thanks

@Dan Mackin

Valued at around 150k

Estimated rent: $1000-$1100

Estimated taxes: $495

Am I missing some more info do you need might need ?

I was thinking of maybe getting a HELOC or a home equity loan to purchase my next property